SPRI » Invest in the basque country » The world leader in wind power generation equipment will be headquartered in the Basque Country following the merger of Gamesa and Siemens Wind

The world leader in wind power generation equipment will be headquartered in the Basque Country following the merger of Gamesa and Siemens Wind

20 June, 2016

The Board of Directors of Gamesa has approved the definitive signing of the merger agreement with Siemens, after negotiations that dragged out for nearly half a year. As a result of this agreement, all Siemens wind power generation assets will be incorporated into Gamesa, while the German multinational will control the resulting company, as it will hold the majority of the share capital. To be precise, Siemens will hold 59% the share capital of the combined company. The Board of Directors of Gamesa has approved a capital increase to facilitate the operation and the new shares issued will be handed over to the German multinational in return for its contribution of assets.

Siemens, in addition to its wind power assets, will pay Gamesa 1 billion euros in cash, which will be distributed to existing shareholders as extraordinary dividend. The agreement has been possible after hard negotiation with the French Government to clarify the future of Adwen, a joint venture that Gamesa had created last year with French publicly-owned company Areva.

The new Gamesa will thus become the world leader in the wind power equipment production market, with a prominent position in offshore power generation technology. The market capitalisation of the combined company will be about 12 billion euros and a report by European Union competition authorities will still be needed in order to conclude all formalities.

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